InterContinental Hotels Group (LSE:IHG) (NYSE:IHG) (ADRs) (IHG), the world's largest hotel group by number of rooms, announced today that the owners of IHG properties throughout Latin America and the Caribbean are investing a total of $95 million to upgrade, expand and renovate their hotels. Renovations began in 2005 and will be completed by the end of 2007.
A total of 22 properties will be renovated which will range from upgrades to the physical plant to complete transformations of the property.
'Our owners have made a significant and comprehensive investment in their hotels,' says Alvaro Diago, Area President, IHG Latin America. 'They recognize the necessity to consistently upgrade their hotels to ensure that guests' needs are not only being met, but exceeded. Their combined $95 million investment reflects their commitment to provide the highest quality hotel offering living up to IHG's brand standards.'
IHG is the second largest hotel operator in Latin America, with a total of 60 hotels in 18 countries. IHG has consistently helped shape the region's hospitality industry throughout its six decades in Latin America with innovative strategies - from hotel properties within mixed-use developments and convention centers, to the recent announcement to open the first Holiday Inn Hotel and School in Latin America, which will be located in Panama City.
Over the years, the region has experienced rapid expansion of the upscale Crowne Plaza brand, the mid-scale Holiday Inn brand and the fast-growing Holiday Inn Express brand.
'We applaud our owners for their pro-activity and foresight,' concludes Diago. 'Their properties are already among the leading hotels in their respective markets. The renovations and expansions further their position all the more.'
Renovation and expansion details:
Argentina
• InterContinental Buenos Aires
Renovations: Guestrooms, expanded lobby area, renovated gardens and exterior façade
• Holiday Inn Express Puerto Madero
Renovations: Guestrooms, common areas, reception area, business center, and hotel is 100 percent WIFI (wireless)
Brazil
• InterContinental Sao Paulo
Renovations: Added the latest technology to all its guestrooms including WIFI
• Crowne Plaza Sao Paulo
Renovations: Lobby, restaurant; Added Sleep Advantage Program to special rooms, refurbished meeting rooms
• Holiday Inn Parque Anhembi
Renovations: New convention center and four meeting rooms that can accommodate up to 500 people; additional ballroom under construction to accommodate 1200 people
Chile
• InterContinental Santiago
Renovations: New recreational tower that houses a pool, bar restaurant, spa, gym and multi-purpose rooms
• Crowne Plaza Santiago
Renovations: Presidential Suite, junior suites and general upgrades to the property
• Holiday Inn Express Concepción
Renovations: Guestrooms, gym, reception area, all common areas, business center and added WIFI
Colombia
• InterContinental Medellin
Renovations: Pool area, reception area and lobby bar; guestrooms, Added new banquet space, meeting rooms; redesigned landscape under guidance with local botanical garden
• Crowne Plaza Bogota
Renovations: room renovations; meeting room renovations
Costa Rica
• Real InterContinental Costa Rica
Renovations: In process: new tower with 120 InterContinental Club guestrooms; five new restaurants
Nicaragua
• Real InterContinental Metrocentro Managua:
Renovations: In process: 100 guest rooms
• Crowne Plaza Managua
Renovations: All guestrooms, restaurants, bar, landscaping, pool area and exterior of the hotel
• Holiday Inn Select Managua
Renovations: Lobby area; executive floor rooms; new banquet and meeting room
Panamá
• Crowne Plaza Panama
Renovations: Hotel was re-branded, upgrades to suites, lobby, restroom areas, and added Sleep Advantage' program to guestrooms
Peru
• Holiday Inn Select Lima
Renovations: new pool, guestrooms, lobby area and restaurant
Venezuela
• InterContinental Guayana
Renovations: Lobby area and restaurant; new convention center; WIFI wireless access to all guestrooms
• InterContinental Tacarigua Valencia
Renovations: Guest rooms, gym, pool area and hotel's facade
• Crowne Plaza Maruma Maracaibo
Renovations: guestroom renovations in process; meeting rooms; common areas
Dominican Republic
• InterContinental V Centenario Santo Domingo
Renovations: guestrooms, meeting rooms, public areas, restaurants, new lobby bar, fitness center and InterContinental Club level floors
Aruba
• Holiday Inn SunSpree Palm Beach
Renovations: guestrooms and added two new restaurants
Jamaica
• Holiday Inn SunSpree Resort Montego Bay
Renovations: Guestrooms, lobby area and restaurants; added new lobby bar and teen activities center; beach island redesign; beach recovery; landscaping redesign.
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